Regulation Authority Research Articles

PENGATURAN PERLINDUNGAN HUKUM PADA PERJANJIAN E-CONTRACT PINJAM MEMINJAM UANG PADA LAYANAN FINANCIAL TECHNOLOGY BERBASIS PEER TO PEER LENDING

The development of globalization has encouraged the birth of the digital era of technology, and the presence of Financial Technology (Fintech). One of the features used is money lending, then information technology-based money lending and borrowing services or Peer to Peer Lending (P2PL) emerged, regulated in Financial Services Authority Regulation Number 77/POJK.01/2016 concerning Information Technology-Based Money Lending and Borrowing Services (LPMUBTI) . The form of bond in fintech contained in an electronic contract arises as a result of an agreement between the Organizer and the Lender, or the Lender and the Loan Recipient. This research is normative juridical, as an approach to exploring law based on statutory regulations. The nature of the research used is descriptive research, aiming to describe clearly and in detail all the information obtained regarding the research subject, namely Fintech P2PL. The research results show that the protection of the parties in P2PL fintech is very lacking, namely loan recipients who lack education regarding P2PL fintech cause losses in default. Nor can lenders lose their money if bad credit occurs.Keyword: Legal Protection, Financial Technology, Peer to Peer Lending

Board gender diversity and cyber security disclosure in the Indonesian banking industry: a two-tier governance context

PurposeThis study aims to determine the effect of board gender diversity on cyber security disclosure (CSD) in the banking sector of Indonesia as a developing country that adheres to a two-tier system.Design/methodology/approachThis study uses a panel data of 47 banks listed on the Indonesia Stock Exchange from 2014 to 2021. The board gender diversity is measured by three proxies, the proportion of women on the board, BLAU Index value and the critical mass of women. The authors used generalized method of moments estimation to eliminate the simultaneous equation bias.FindingsThe results show that the women board of commissioners increases CSD, and the women of board of directors/top management team were significantly negative for CSD.Research limitations/implicationsFirst, this research was only conducted in the banking sector. The results cannot be generalized to non-financial companies. Second, there is no measurement of the quality of the board from the level of education, experience, expertise and other characteristics of diversity such as age, nationality and religion.Practical implicationsThe study has revealed the need for the government’s role in providing oversight of the presence of women on the board so that banks fully comply with Indonesia Financial Services Authority regulations. Banks should also actively launch policies regarding the presence of women on the board to give a positive effect to stakeholders that women play an important role in decision making. Banks must also adjust the composition of female commissioners with a threshold of two people to maximize their function as supervisors.Originality/valueThis is the first research conducted on the banking sector in Indonesia as a developing country that adheres to a two-tier system. The results of this study provide evidence that patriarchal culture is still dominant in Indonesia.

SECURITIES CROWDFUNDING: KAJIAN REGULASI PASAR MODAL DI INDONESIA

The concept of crowdfunding based on securities offerings allows micro, small and medium enterprises to obtain funds and capital through securities crowdfunding. However, investors in this case have a great risk of loss because issuers who issue securities through securities crowdfunding are not companies like issuers in the Stock Exchange. This causes many of them to be very new, so they may not have good management. This research aims to see how the law can protect securities crowdfunding investors. This research uses a juridical-normative approach to see the legal protection of securities crowdfunding investors in Law No. 4 of 2023 concerning Strengthening and Development of the Financial Sector and the Financial Services Authority Regulation (POJK). The results of this study indicate that Law No. 4 of 2023 concerning Development and Strengthening of the Financial Sector and Financial Services Authority Regulation (POJK) No. 16/POJK.04/2021 have provided legal protection to securities crowdfunding investors, namely preventive protection and repressive protection. However, regarding the protection of the parties, it is still hampered by several factors, such as investor ignorance, unpreparedness of human resources, and slow handling of complaints by the organizers. In addition, the prospectus issued by the issuer often cannot be confirmed for accuracy, due to differences in information disclosure standards such as securities offerings on the Stock Exchange and the absence of involvement of professional institutions.

Efforts to Increase Public Awareness of Sharia Insurance Products in Indonesia Through Management Functions

Islamic insurance, known as Sharia Insurance, has become a crucial component in Indonesia's financial sector. Sharia insurance prioritizes Islamic economic principles by offering products such as takaful (collective insurance) and mudharabah (business partnership). The opportunities for the Sharia insurance industry in Indonesia are substantial, given that the Muslim population comprises 87.2% of the total population as of 2021. Additionally, the Financial Services Authority Regulation (FSAR) Number 11 of 2023, Article 15, mandates Sharia financial institutions to prioritize Sharia financial products. However, data indicates that the growth of Sharia insurance is still significantly low. As of December 31, 2022, the market share of Sharia insurance premiums is only 4.76%. In light of the above challenges and opportunities, this study aims to analyze the constraints, particularly the issue of product awareness, where many individuals still do not fully comprehend and appreciate the benefits of Sharia insurance products. Therefore, this article discusses 1) the factors influencing the lack of understanding and awareness among the public regarding the benefits of Sharia insurance products, and 2) the efforts to address this issue. This research adopts a qualitative approach, utilizing a systematic literature review method for data analysis. Books and other literature relevant to the predetermined theme were systematically searched to provide insights into the challenges and potential solutions for enhancing awareness and understanding of Islamic Insuranceproducts among the public.

The Influence of Age, Tenure, Education and Gender of the Corporate Secretary on Company Performance on the IDX

Financial Services Authority Regulation Number 35 of 2014 states that a company secretary is mandatory for public companies. they will realize GCG and be responsible for the processes and performance of the board of directors and firm performance. Literature on the influence of corporate secretaries on firm performance is limited. However, based on upper echelon theory, the characteristics of the company secretary need to be considered because they describe their performance and their effect on firm performance. Therefore, this study aims to examine the influence of company secretary characteristics on firm performance. The sample used was companies registered on the BEI for the 2018-2022 period with 944 observations. The results of multiple linear regression analysis show that age and education have an effect on firm performance, while tenure and gender have no effect on firm performance. The results add to the literature on the characteristics of corporate secretaries and firm performance, and provide important information that corporate secretaries need to pay attention to.

Green Banking for Environmental Management: A Sustainable Paradigm Shift

Abstract This study aims to determine the extent to which bankss (banks) in Indonesia implement green economy policies based on current regulations and how bank has played a role in implementing it in its banking activities. The urgency of this research is based on the worsening environmental conditions caused by climate change and extreme global warming. Financial Services Authority Regulation (FSAR) Number 51/POJK.03 of 2017 is deemed a rule that only regulates the course of green economy policies in financial institutions and has not specifically regulated green banking. This study employed qualitative methods with normative data collection using secondary data. This research’s results revealed that the banking activities carried out by Banks have complied with the applicable rules, as evidenced by the annual sustainability report. Nevertheless, the report issued by Banks has not been fully included in the financial reports requested by the FSA, thus it is a separate report from the financial reports required by the FSA and the report called sustainability report. It is considered that the green banking and SDG policies have not been implemented optimally since they are only in the form of an appeal, and there are no sanctions for violators. Therefore, they only have insignificant effect on environmental improvement.

Beneficiary Ownership in Financial Services Sector Conglomerates in Indonesia

This research aims to explore the implications of beneficiary ownership in financial services sector conglomerates in Indonesia on financial system stability. Because financial services sector conglomerates can obscure the true beneficiaries within the conglomerate in Indonesia. This can pose risks to the financial system. If one financial institution within the conglomerate fails, it can have cascading effects on other institutions within the conglomerate. This can lead to systemic crises, which can harm the overall economy. Therefore, the problem lies in how to uncover the true beneficiaries within a financial services sector conglomerate in Indonesia. This is a normative legal research, prescriptive in nature, employing a legislative and legal comparison approach. Secondary data used includes legislation such as the Limited Liability Company Law, Banking Law, Financial Sector Development and Strengthening Law, as well as the Financial Services Authority Regulation on Financial Conglomerates. Additionally, international journals and legal dictionaries are used as references, supported by empirical data in the form of interviews with the Financial Services Authority. Data is analyzed qualitatively, with conclusions drawn using deductive-inductive reasoning. An individual or legal entity as a primary entity that can control changes in the Articles of Association, Share Ownership Structure, replacement of directors, board of commissioners, control the company's finances, but the individual/legal entity is not listed in the company's articles, then can be categorized as a beneficial owner of a limited liability company. Similarly, in a financial services sector conglomerate existing in Indonesia, it can be proven by finding out who controls the conglomerate.

CONSUMER PROTECTION AGAINST DEBTORS ON THE TRANSFER OF MORTGAGE RIGHTS VIA CESSIE

Disparities in financial capabilities in society have resulted in many credit agreements being entered into between consumers as debtors and banks as creditors or lenders, which are also accompanied by collateral in the form of mortgage rights which are used as collateral for payment of receivables by the debtor if he is unable to pay his debts to the creditor. The scope related to credit agreements is increasingly expanding when the model develops that credit agreements can be transferred to third parties through a cessie or receivable transfer agreement which of course poses risks for both creditors and debtors because in principle, when receivables are transferred to the cessie buyer, then the mortgage rights as collateral are also also transferred, including in terms of claim rights by new creditors. Therefore, this issue is interesting to discuss from the perspective of debtor protection as consumers of banking institutions, especially regarding the procedures and requirements that need to be understood regarding the transfer of mortgage collateral through a cessie or receivable transfer agreement. Apart from that, debtors also need to know what legal remedies can be submitted if the credit agreement or receivable transfer procedure causes losses for the debtor. In this research, the author uses a normative juridical research method using literature study and a legal approach. The results of the research show that based on the Consumer Protection Law and Financial Services Authority regulation, the Debtor as a consumer has the right to know clear and accurate information regarding the procedures and requirements of credit agreements including receivable transfer or cessie agreements and the legal consequences for the mortgage rights which he uses as collateral, including filing a complaint and/or legal remedies in litigation and non-litigation as long as he feels disadvantaged. The government needs to aggressively carry out outreach regarding all applicable regulations regarding credit agreements.

Problems with Financial Services Authority Regulation Number 77/POJK.01/2016 as the Legal Basis for Sharia Fintech Peer-To-Peer Lending in the Review of Islamic Law

This research analyzes the Financial Services Authority Regulation (POJK) Number 77/PJOK.01/2016 as the legal basis for sharia P2PL fintech in reviewing Islamic law. This research uses a qualitative approach through normative juridical methods. The research results show that Financial Services Authority Regulation Number 77/PJOK.01/2016 needs to be revised to serve as the legal basis for sharia P2PL. Even though there was a fatwa from the National Sharia Council-Indonesian Ulema Council (DSN-MUI) in 2018, this caused legal confusion. This research concludes that special regulations are needed to regulate Sharia P2PL fintech.

Simulation design of 542kWp DC/480kWp AC Solar Photovoltaic System at Institute of Southern Punjab

Conventional methods of producing electricity are expensive, pollute the environment, need a lot of maintenance, and eventually run out of power. Because of this, it is imperative to take use of the unrealized potential of renewable energy sources that are also ecologically beneficial. At the Institute of Southern Punjab (ISP), Multan, Pakistan geographical location coordinates latitude 30° 17′ 20′′ N and longitude 71° 30′ 1′′ E. Current study developed an effective, long-lasting, and environmentally friendly Grid Tie PV System (GTPVS) to address this issue. One location where solar energy has enormous promise is Multan. At this location, the average yearly horizontal solar irradiance is 1861.8 kWh/m2/year and average diffuse horizontal solar irradiance 898.9 kWh/m2/year. In this study, PVSyst is used to calculate the performance ratio and various power losses, such as inverter, temperature-related losses, and losses from PV modules. Every day, 3026.26 kg of coal are saved, which is the same as growing 29062.87 Teak trees for life time. According to National Electric Power Regulation Authority (NEPRA) rule Tarif A3(66) is applied on universities and schools, where 60 Rs/kWh is unit cost in year 2024. The generated energy costs for Longi solar cell for proposed location in ISP Multan is 0.07 US dollars per kWh, while the standard energy pricing in Pakistan in 2024 is 0.21 US dollars per kWh. The simulation results show that, proposed RTSPVS design energy production is 966.4 MWh/year. Annual performance ratio (PR) for the proposed system is 85.8%.

Uniform monolayer of branched silver nanoplates-assembled nanoparticles for sensitive and reproducible SERS detection of harmful molecules

Surface-enhanced Raman scattering (SERS) technique can offer the fingerprint information of trace substances, and thus has wide potential applications in many fields. There is still a requirement to develop new and effective methods to construct high-performance SERS substrates. Here, a facile electrodeposition method is presented for fabricating large-scale uniform films assembled by branched silver (Ag) nanoplates. The morphology and structure of such film are highly uniform over a large area, which can ensure good spectral uniformity and reproducibility. There are dense sub-10 nm gaps between neighboring Ag nanoplates and between neighboring branches, forming plenty of hot spots. Therefore, the Ag nanoparticle monolayer exhibits high SERS activity along with excellent spectral repeatability. It is found that the limits of detection (LODs) towards rhodamine 6G and 4-aminothiophenol can reach 0.387 pM and 49.0 pM, respectively, showing high sensitivity of the designed SERS substrate. The enhancement factor of the prepared roughened Ag nanoparticle monolayer is computed to be as large as 2.37 × 108. Then, the highly roughened nanoparticle monolayer is used to detect cationic dye and fungicide (methylene blue, MB) and a synthetic cytokinin (6-benzylaminopurine, 6-BAP), and the corresponding LODs are determined down to 1.1 nM and 28.8 pM, respectively. Such LODs are much lower than the tolerance for MB and 6-BAP residues established by some authoritative regulations. Sensitive monitoring of 6-BAP residue on vegetables and fruits can also be achieved using such SERS substrate, indicating its promising application in environment monitoring and food safety supervision.

Reimagining Antitrust Institutions: A (Modest?) Proposal

Abstract It is always an appropriate time to reevaluate, reexamine, and question the optimal scope and shape of antitrust institutions. In this article we ask whether the complex current distribution of competition functions in the U.S. can be improved by some reorganization or other reform. We answer in the affirmative and propose a number of improvements – perhaps the most significant being consolidating the competition functions of the FTC into the Antitrust Division and stripping the FCC of authority independently to review mergers, as it did in view of the similarly poor performance of the DOT when reviewing airline mergers. Our more general proposal with the authority of sectoral regulators over competition should not be overlooked, however; it would do much good with little or no downside.

Zwalczanie pożarów w dawnym Wrocławiu – spojrzenie na sposoby obrony według porządków ogniowych z lat 1602 i 1630

This study is the first analysis of Wrocław’s fire regulations from 1602 and 1630. The origin of such acts can be derived from medieval city council regulations. One of the oldest dates back to March 19, 1324. Over time, the originally laconic sets of provisions evolved into multi-faceted fire protection regulations, which included issues concerning the organization of fire protection, fire alarms, fire tools, water supply and extinguishing methods. Both documents have a similar structure and content, as the one from 1630 is an amendment to the act of 1602. The main difference concerns the regulations related to the military defense of the city, which appeared for the last time in 1602. These documents were continued with amendments from 1751, 1760 and 1777, later replaced by regulations of state authorities.

ANALISIS PUTUSAN PENGADILAN TINGGI MEDAN NOMOR 66/PID.SUS/2018/PT.MDN TERKAIT TINDAK PIDANA PERPAJAKAN

If in the activities of a company there is a criminal element, then in this case there is a criminal act of taxation, even if it is committed by the company itself, and although it is subject to responsibility, there is no legal basis for the theory of piercing the veil of the corporation Justified. To other parties such as directors or shareholders. Provisions regarding beneficial rights have not been regulated in the Criminal Procedure Code and the Tax Procedure Law, but beneficial owners can be held accountable as parties who have the power to control the company, such as giving instructions to the company's directors. In Indonesia, beneficiary ownership rights include Financial Services Authority Regulation No.12/POJK. 01/2017 dated March 16, 2017 concerning the Implementation of Anti-Money Laundering and Anti-Terrorist Financing Programs in Financial Services; It is strictly regulated by several laws. Unfortunately, this provision does not apply in the Presidential Regulation of the Republic of Indonesia Number 13 of 2018 concerning the Application of the Principle of Recognizing Business Excellence in the Framework of Prevention and Eradication of Money Laundering and Terrorist Financing. Crime in the field of taxation. In the field of taxation, the regulation regarding beneficial owners is very limited and only applies to foreign taxpayers, so it still provides opportunities for beneficiaries in the sense of actual beneficial owners to commit tax crimes.

Aspek Hukum Penggunaan Jasa Pihak Ketiga (Debt Collector) oleh Pihak Leasing Berdasarkan Peraturan Otoritas Jasa Keuangan Nomor. 35 Tahun 2018 dalam Upaya Penagihan Kendaraan Roda Dua terhadap Debitur yang Melakukan Wanprestasi

The purpose of this study is to analyze the legal aspects of the use of third party services (debt collectors) by leasing parties based on Financial Services Authority Regulation No. 35/2018 in efforts to collect two-wheeled vehicles against debtors in default. 35/2018 in efforts to collect two-wheeled vehicles against debtors who make defaults The type of research in this study is normative legal research. The research in question is research that has characteristics including gaps in legal norna / principles, does not use hypotheses, uses theoretical foundations / theoretical studies and uses legal materials consisting of primary legal materials, secondary legal materials and tertiary legal materials. The results of this study indicate that: (1) The position of debt collectors in the leasing company is as a collection officer not an execution officer, execution can only be carried out by a bailiff with a court decision as in Article 32 of the Fiduciary Guarantee Law paragraph (2). The legal relationship between debt collectors (collection service companies) and creditors, namely debt collectors when carrying out their duties, act based on the power of attorney given by the finance company to the debt collector to collect or collect collateral objects from debtors. Likewise, in POJK No.35/2018 article 50 Financing Companies can cooperate with other parties to carry out collection functions to Debtors. (2) The legal consequences of withdrawing motorized vehicles against debt collectors, debt collectors will be held criminally liable and sentenced to criminal sanctions as stipulated in the Criminal Code as criminal law in Indonesia if the implementation is not in accordance with procedures, as well as the creditor in this case leasing can be sued by the debtor and ask to compensate civilly for the act of withdrawing motorized vehicles by debt collectors if the withdrawal has violated existing provisions and violated the agreement agreed upon by the creditor and the debtor. However, if the implementation is in accordance with the procedure, it must be protected in accordance with applicable laws.

Analysis of Stakeholders' Trust Level in the Nuclear Energy Domain in Japan

Abstract In discussions on the nuclear restart policy in Japan, trust among stakeholders in nuclear power is often raised as an issue. However, the discussion has progressed without analyzing the trust demanded by the Japanese public. A questionnaire survey was conducted to analyze the level of trust that 4,700 Japanese citizens (100 from each of the 47 prefectures) have in nuclear stakeholders by breaking trust down into three elements: “Perceived Competence,” “Perceived Motivation,” and “Salient Value Similarity” (SVS), which have been reported in the literature. In the survey, nine stakeholders were targeted: the Nuclear Regulation Authority; the Ministry of Economy, Trade and Industry; the courts; the Diet; host municipalities; nuclear power operators and manufacturers; experts; research and international organizations; and the mass media. The analysis showed that the Japanese public is particularly interested in SVS with “nuclear power operators and manufacturers” among the various nuclear stakeholders. The SVS of “nuclear power operators and manufacturers” was highly correlated with that of organizations promoting nuclear power, suggesting that the public tends to perceive these organizations as sharing similar values. These results offer suggestions for actions that should be taken by each nuclear stakeholder to restore and improve trust.

Harmonization of Authority in the Investigation of the Financial Services Sector in Indonesia

The rapid growth of the financial services sector in Indonesia demonstrates its strategic role in the national economy. However, harmonizing investigative authorities in this sector poses a challenge that needs to be addressed to maintain stability and public trust. This paper aims to investigate the issue of harmonizing investigative authorities in the Indonesian financial services sector, focusing on regulatory frameworks, case developments, and potential harmonization models. The evolution of investigative authority regulations in the financial services sector is outlined, identifying weaknesses in the system that need to be addressed. Case studies provide a concrete overview of the challenges faced in field investigations. A harmonization model for investigative authorities is proposed as a solution to enhance the effectiveness and efficiency of investigations. Under this harmonization model, OJK investigators are not the sole authority to conduct investigations in the financial services sector, but their authority must be elaborated with that of the POLRI or PPNS investigators as regulated in the Criminal Procedure Code (KUHAP). Article 49 paragraph (5) of Law No. 4 of 2023 concerning Financial Services Sector (P2SK Law), which essentially states that criminal investigations in the financial services sector can only be conducted by OJK investigators through a harmonization model of investigative authority in the financial services sector in Indonesia, should be elaborated so that investigative authority in the financial services sector can be carried out by POLRI or PPNS with the assistance of OJK investigators.

Legalitas Fintech Peer To Peer Lending Pinjaman Online dalam Aspek Hukum Konvensional

Online loans are financial assistance from financial institutions that is done online, which is one proof of the advancement of financial technology (fintech). Online lending or peer to peer lending as a form of financial technology (fintech) is a technological advancement that offers loans with easier and more flexible terms and conditions. The theory used in this research is the theory of legal legality. The theory of legal legality is very relevant to the research made here, because there needs to be legal legality of peer to peer lending in online loans in conventional law considering that the payment system in this illegal online lending and borrowing service has troubled many people, such as intimidative billing, dissemination of personal data, fraud, and sexual harassment through electronic media. The research method used is qualitative descriptive research. The data collection technique or instrument used is library research by studying various books as literature, official documents, laws and regulations, results of previous research, and other literature sources related to the problems studied. The legality of fintech peer to peer lending online loans in the aspect of conventional law is found in the Financial Services Authority Regulation Number 77/POJK.01/2016 concerning Information Technology-Based Money Lending and Borrowing Services, Law Number: 8 of 1999 concerning Protection of Consumer Protection and Law Number: 11 of 2008 concerning Information and Electronic Transactions and other applicable regulations.

Regulatory Sandbox dan Implementasi pada Inovasi berbasis Financial Technology (Fintech)

Abstract. The development of financial innovation called "Financial Technology" has developed rapidly so far. Disruption to digital finance certainly needs to be regulated in such a way as to minimize risk and stabilize the state financial system. In an effort to regulate this innovation, regulators place limits on digital forms of finance that are widely used by the public. Today's society tends to have an instant, easy lifestyle, and use online transactions. In this era, digital finance is at the top of society, one of the most forms of fintech is application-based lending that brings together lenders and recipients/borrowers in one application. With digital financial innovation getting fast attention from competitors in the business world outside of banks, they tend to take advantage of the community and namely the rise of online loans. One of the efforts to mitigate risk by financial institutions is to issue a Regulatory Sandbox policy through Bank Indonesia Regulation Number PBI No.19/12/PBI/2017 of 2017 concerning the Implementation of Financial Technology and Financial Services Authority Regulation (POJK) Number 13/POJK.02/ 2018 of 2018 concerning Digital Financial Innovation in the Financial Services Sector (POJK 13/2018). This study intends to analyze the extent to which these regulatory issues have represented the needs of agencies and society. This legal research uses empirical legal research methods, which this research relies on applicable laws and regulations as well as other related literature. The results of this research are the ineffectiveness of current regulations among the public and regulators as well as the increasingly complex problems faced by financial institutions, especially in the field of banking.

Perlindungan Hukum Bagi Nasabah dalam Perjanjian Kredit Bank terkait Risiko yang Timbul Akibat Pandemi Covid-19

In the era of modern economic life, banking institutions in Indonesia have a very crucial role in the national financial system. Services provided by the bank to the public are money transfer services, collection services, savings and loan services and others. The condition of the banking world in Indonesia has undergone many changes from time to time. This study aims to find out how to regulate legal protection for bank customers and how to form legal protection for customers in credit agreements related to risks arising from the covid-19 pandemic. This study uses a juridical-normative research method. The results of the study show that the regulation of legal protection for customers during the Covid-19 disaster is the Civil Code, Bank Indonesia Regulations, Consumer Protection Laws and Financial Services Authority Regulations. The implementation of legal protection for customers against the COVID-19 pandemic is quite good. This is indicated by the Bank's compliance with all forms of regulations made by regulators including the government. The conclusion from this research is that the policy and implementation of law enforcement in legal protection for customers in a state of the Covid-19 pandemic disaster is carried out quite well by the Bank. The suggestion from the author is that there should be more detailed regulations regarding customers when experiencing a disaster or pandemic and it is hoped that banking institutions carry out the mandate of the Financial Services Authority Regulation.